Hudson Realty Group Update – January 2016 Edition | Hoboken and Jersey City Real Estate


HUDSON REALTY GROUP’S
 

MONTHLY REAL ESTATE UPDATE

      
JANUARY 2016 EDITION

          

YOUR SOURCE FOR HOBOKEN AND JERSEY CITY REAL ESTATE     

 

NEW: HOBOKEN AND JERSEY CITY REAL ESTATE MARKET REPORT

 

   


   
M
ARKET RECAP


The residential real estate market in Hoboken and Downtown Jersey City closed out 2015 continuing the upward trend in sales activity and pricing we have seen over the last 4 years. Since 2011, condo prices have increased 38% (9.5% per year) in Hoboken and 49% Downtown Jersey City (12.4% per year). Over the 2nd half of 2015, inventory remained at all-time low levels with only 1 to 1.5 months of supply. Strong demand resulted in widespread competition for all property types and multiple bids were commonplace resulting a fast paced market with an average selling price very close to asking (46% of condos sold within 2 weeks on the market)….<continued in report>

 

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REAL ESTATE AND COMMUNITY NEWS

 

HUDSON REPORTER: 2015 STORIES OF THE YEAR

“Learning about the big news in all the towns around you will help you understand what’s to come in 2016. If you missed some of the biggest stories of the year, here’s a recap by town.”…

HUDSON REPORTER: LIGHT AT THE END OF THE TUNNEL? 

“The Gateway program proposed by Amtrak is estimated to cost $20 billion. It would build two new Hudson River tunnel tubes and several bridges. It will expand Penn Station and add two new tracks between Newark and New York, thus doubling trans-Hudson rail capacity.”…

NYCURBED.COM: IT’S OFFICIAL: WTC OCULUS WILL OPEN THE FIRST WEEK IN MARCH

“There will finally be a link between the World Trade Center PATH station and 11 NYC subway lines, along with the East River ferries. The various stations will be linked via underground passageways, which will also connect to the mall beneath the Oculus, which are scheduled to open “in phases” this year, per the Port Authority.”…

NYTIMES: NEW YORK DISCOVERS KEYLESS ENTRY SYSTEMS

“In the next few months, residents at a handful of buildings in the city will be able to walk up to their apartment doors and go inside without fumbling for keys. And if the dog walker or cleaning service comes by while they are out, residents can use an app to let them in remotely. Ditto for deliveries.”…

HUDSON REPORTER: IS HOBOKEN OFFICIALLY THE ‘MILE SQUARE CITY’? 

“An array of new signage is on its way to First Street in June as part of the “First Street Revitalization and Citywide Branding & Way Finding Project” approved by the county Board of Freeholders in 2014 and paid for by city funds and a state grant.”…

PRNEWSWIRE.COM: LUXURY, STRESS-FREE PARKING COMES TO HOBOKEN

“Unitronics’ automated parking system provides more parking in less space, enabling high-density storage by eliminating the need for ramps. At 1415 Park, Unitronics was able to condense a 10-story conventional parking garage into four stories, allowing for more rentable and community space.”…

NJ.COM: JERSEY CITY TO RECEIVE MORE THAN $3M IN PEDESTRIAN SAFETY UPGRADES
“A Marin Boulevard project received the largest grant, $885,838. The project includes creating additional left turn lanes, adding pedestrian countdown signals, and the creation of bike lanes.”…

JERSEYDIGS.COM: 2016 WILL BRING UNPRECEDENTED DEVELOPMENT TO JERSEY CITY AND WE’VE MAPPED IT

​“We’ve mapped as many new development projects as we could find and plotted them on an interactive map. Projects mapped have been limited to those with over 10 units that are already approved.”…

NJ.COM: 5-YEAR TAX BREAK FOR DOWNTOWN JERSEY CITY TOWER

“The City Council today awarded a five-year tax abatement to a residential tower planned for a lot near the Grove Street PATH station, bucking a recent trend of longer term tax breaks for Downtown towers.”…

JERSEYDIGS.COM: DEMO CREWS MAKE WAY FOR PROVOST SQUARE PHASE II

“Last week demolition crews began disassembling the warehouse at 323-355 Warren Street at the corner of Morgan Street to make way for Phase 2 of Toll Brother’s Provost Square project. Phase 2 includes a second tower that will rise 28 stories around a 7 story base. Very similar in shape and design to tower one, aka The Morgan.”…

HUDSON REPORTER: THE VIEW FROM THE TOP

“The 53-story building will offer 538 luxury rental residences at a location adjacent to the Journal Square PATH Station. It is part of the developers’ comprehensive, three-phase project that will also include the construction of a 60-story tower and a 70-story building.”…

JERSEYDIGS.COM: 532 JERSEY AVE INFILL PROJECT BRINGS 76 NEW RENTALS

“Urban Square Properties is developing a 76 unit rental building at 532 Jersey Ave in downtown Jersey City. The project with frontage on both Jersey Ave and Christopher Columbus Drive will have a 10,075 square feet of retail space and contain 76 rental units. There is also a 35 space underground parking garage.”…

JERSEYDIGS.COM: A FRESH START ENDS A TOXIC SAGA AT 207 VAN VORST STREET
“Fields Construction recently began site preparations including pilings to make way for the new project. According to city records, the two phase mixed-use project calls for two new 15 story buildings separated by a public plaza. Combined the project will contain 408 residential units, 252 parking spaces and retail space spanning 14,542 square feet.”…

 

MORTGAGE RATES

 

BANKRATE.COM: READY TO REFI? MORTGAGE RATES SINK TO THEIR LOWEST LEVELSINCE APRIL
Rates: 3.94% (30-yr fixed) 3.21% (15-yr fixed)

“Basically, the housing market, as measured by prices, is in good shape and the more prices rise, the more homeowners have the equity to make a move,” Joel Naroff, president and chief economist for Naroff Economic Advisors in Holland, Pennsylvania, says in a blog post. “That is good news.”…”

 

 

 

               

 

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